Doing business in a foreign country had many challenges. One of them is how to cope with the local laws and practices which foreign entrepreneurs are unfamiliar with. In response to these uncomfortable challenges, the entrepreneur may set a legal department within its business organization or hire an outside foreign legal counsel.
However, in this competitive business environment, having a different set up like outsourcing would be a better choice, because it will eventually save your money and help the smooth progression into a foreign market.
In this article, we explain the key concepts of legal outsourcing in Korea and what our office can provide.
The overseas Korean Visa (F-4) is a multiple entry visa. This visa is for a Korean who had obtained foreign citizenship and his/her foreign lineal descent.
The F-4 visa is the most versatile resident visa next to the Korean permanent resident visa. This visa was originally introduced to provide the overseas Korean descendants with almost the same level of residential benefits as Korean nationals enjoy in Korea. Thus, the initial term of permitted stay is 3 years, and you can easily extend it.
Every Korean male citizen has a duty of military service as prescribed by the Military Service Act. Usually, most Korean male undergoes a draft physical examination at the age of 19. And they become exempt from the liability of enlistment from January 1 of the year when he turns into 38.
There were cases that young Koreans traveled abroad and refused to return in an attempt to run away from the conscription. Facing this problem, the Korean government had implemented an overseas travel permit system. It is basically requiring any Korean male with a military duty to obtain a travel permission. Otherwise, they can’t have overseas travel. Violation of this rule results in a criminal conviction in Korea.
This overseas travel permit, however, had created so many careless offenders. Especially those born in or immigrated to a foreign country at an early age was ignorant of this system. In some cases, they were in dual citizenship status, and they don’t think of themselves as Korean. But, the chances are, under Korean citizenship law, they are still under the regulation of the Korean Military Service Act.
Globalization has brought a unique situation to our assets management. Your asset portfolio is diversified. Now you live in New York, but you own a condominium in Seoul at the same time. Having a bank account and stocks in Korea is very common for expats and people who have family in Korea. You should manage them while you live each and every day. And you should also have an estate plan in place regarding how your foreign assets shall be managed and distributed to your loved ones when you pass away.
Every jurisdiction has its own laws and procedures to govern the decedent’s assets located within its territory. Thus, having an estate plan pursuant to the New York Law does not guarantee that your wishes and priorities in the estate plan shall be honored in a foreign country. That’s why you need to set up a foreign estate plan according to the relevant foreign law.
In this article, our Korean estate planning lawyer explains the basics of estate planning in Korea. We will discuss typical instruments under Korean law that you can make use of: a will, a living trust, and a power of attorney.
This week a story of an overseas adoptee caugth our attention. She had succeeded in finding her birth father in South Korea after getting a DNA test order from the Korean Family Court. The news calls for an attention how hard it is for some undocumented adoptees to find their birth parents in Korea.
It is true that back in old days Korean government was not so strict in regulating the foreign adotion. Some children had been adopted without having the corrent documentations about their origins.
Like many other countries, South Korea has its own merger notification & competition review regimes. This means if your M&A deal involving a Korean company or business meets the merger notification thresholds prescribed in the rules of the Korean competition authority, you need to make a merger filing. And your transaction becomes subject to the authority’s competition review. Thus, it is imperative that the dealmakers should be fully advised on the Korean merger filing rules for the applicability and for any potential risks.
When you enter into an endorsement agreement with a celebrity in order to advertise your products and services, the overall behavior of that celebrity impacts the value and reputation of your business positively, and sometimes negatively. Therefore, most endorsement agreements with a celebrity or a sports star have a so-called Morals Clause.
What is a Morals Clause?
The morals clause imposes a contractual obligation for the models not to cause any harm to the public image of the sponsor or the brand owner. It is the same in South Korea.
Living abroad is stressful. Suffering injury by accident in a foreign country would be one of the worst cases you don’t even want to imagine. Our office is providing legal advice and representation for foreign victims to seek damages in various types of accidents.
In this article, our personal injury lawyer in Seoul, Korea explains what you need to know about the personal injury lawyers in Korea and what you can expect from them.
[Updated on March 20th, 2020] In South Korea, the immigration office may remove or deport from South Korea any person who violated the Immigration Control Act(“ICA”). Any person who is released after receiving a sentence of fine, imprisonment or heavier punishment could be removed from Korea by an exit or a deportation order pursuant to ICA. In this article, we will provide a general overview of an exit and deportation order under Korean immigration law. (more…)
Q) I would like to enquire about a situation of a director working at a Korean subsidiary (corporation) of U.S. company, who has secretly started a similar trade of business while still in employment with his current employer. Having served in a managerial position, he has access to his employer’s full clientele’s information, trade secret and now he started the same business as his employer, directly causing many economic losses to his employer. Is there any way legally to prevent the person from causing further damages?
A) Under Korean law, a director of a corporation bears a fiduciary duty. Thus the directors shall perform their duties in good faith for the interest of the company. Their activities shall not violate the statutes and the articles of incorporation of the company. (more…)